Stena Renewable in the movement towards a low carbon economy

Renewable energy is needed to enable a low carbon economy and wind power is one of the most viable sources. The political consensus is there but there is a huge need for investments in the energy system if we are to achieve the 2040 target. Stena Renewable is a company based in Gothenburg that develops, operates and invests in renewable energy that Nordea recently supported with financing.

Stena Renewable is a part of the transition to a low carbon economy based on renewable energy. The company invests in wind power as they see it necessary, effective and environmentally friendly. The company today owns 9 wind farms with a total of 96 turbines in production.

Wind power is today considered one of the most viable sources for renewable energy. With the development of new technology and design of wind farms production costs have declined significantly. The production cost in Sweden today is 0,35-0,45 Swedish krona per kilowatt hour. Today about 11% of the electricity produced in Sweden comes from wind power.

There is broad political consensus on a national level that Sweden shall have an energy system based on 100% renewable energy by 2040. But all authorities and municipalities are not aligned with this target. Stena Renewable’s CEO Peter Zachrisson notes that; ‘it takes 5-10 years to develop a wind power project today. The Swedish Armed Forces for example have imposed restrictions for wind farm construction on 45% of Sweden’s land area; municipalities have an extensive veto right, and the courts have established a very narrow interpretation of the EU Directive on species protection. This combined makes the permitting process time consuming and uncertain.